Net sales up 4% in Q1 2019 for Meitec

Meitec has released its consolidated results for the first quarter of 2019.

During the three months from 1st April 2018 to 30th June 2018, many manufacturers, which are the major clients of the company, continued steady investment in technological development looking to the next generation regardless of business conditions. Amid a firm order environment, the number of engineers assigned to clients steadily increased.

As a result, consolidated net sales for the period under review increased 991 million yen, or 4.4%, from a year earlier to 23,755 million yen. Consolidated cost of sales rose 624 million yen, or 3.7%, from a year earlier to 17,426 million yen, chiefly because of higher labour costs, due to an increase in the number of engineers as 560 new graduates joined the business in April 2018 (MT: 357, MF: 203). Consolidated selling, general and administrative expenses rose 116million yen, or 3.6%, from a year earlier to 3,324 million yen. As a result, consolidated operating profit increased 250 million yen, or 9.1%, from a year earlier to 3,004 million yen, and consolidated ordinary profit rose 253 million yen, or 9.2%, from a year earlier to 3,006 million yen.

Profit attributable to owners of parent increased 204 million yen, or 12.0%, from a year earlier to 1,899 million yen.